本研究探討廠商的信貸限制對於市場行為的影響。利用中國1998年至2007年製造業廠商資料進行實證分析，結果顯示廠商受到的信貸限制程度越低，將會導致廠商更容易從事出口活動，以及增加出口市場銷售程度。且在同時探討國內市場行為後發現，廠商是藉由內部融資的方式，在不同市場間運用資金配置的操作來進行經營活動。最後，進一步考慮到信貸限制與生產力的間接效果，我們發現廠商的生產力水準對於出口決策的影響更顯重要。因此廠商在營運策略上，若想透過出口參與來進行國際擴張，則必須提升自身的生產力水準，或是尋找額外的外部融資管道以籌集資金。

This thesis investigates the effect of credit constraints on firm behavior in the export and domestic markets. Using a panel of China's manufacturing firms over the period of 1998-2007, the results suggest that a decrease in credit constraints increases the both the probability of exporting and volume of exports. However, when we study simultaneously export and domestic market behavior, we find evidence of internal financing--that firms allocate funds between markets. Furthermore, when considering the interaction effects between credit constraints and productivity, we find that productivity becomes a significant determinant of exporting decision. These results imply that to expand internationally through exporting, firms should improve productivity level and seek extra external financing channels.

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